Investments in Debt and Equity Securities

6 Months Ended

Jun. 30, 2011

Investments in Debt and Equity Securities [Abstract]

Investments in debt and equity securities

NOTE 2

Investments in debt and equity securities. The amortized costs and fair values follow:

	June 30, 2011				December 31, 2010
			Fair				Fair
	Amortized costs		values		Amortized costs		values
	($000 omitted)
Debt securities:
Municipal		36,242		37,318		39,589		40,185
Corporate and utilities		229,832		232,324		228,270		229,972
Foreign		162,367		164,630		155,977		157,745
U.S. Government		19,406		21,053		20,792		22,422
Equity securities		5,005		4,842		—		—
		452,852		460,167		444,628		450,324

Gross unrealized gains and losses were:

	June 30, 2011				December 31, 2010
	Gains		Losses		Gains		Losses
	($000 omitted)
Debt securities:
Municipal		1,215		139		1,235		639
Corporate and utilities		4,749		2,257		4,574		2,872
Foreign		2,349		86		1,861		93
U.S. Government		1,647		—		1,634		4
Equity securities		—		163		—		—
		9,960		2,645		9,304		3,608

Debt securities as of June 30, 2011 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized		Fair
	costs		values
	($000 omitted)
In one year or less		15,798		15,945
After one year through five years		240,360		243,792
After five years through ten years		151,569		154,283
After ten years		40,120		41,305
		447,847		455,325

As of June 30, 2011, gross unrealized losses on investments and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:

	Less than 12 months				More than 12 months				Total
	Losses		Fair values		Losses		Fair values		Losses		Fair values
					($000 omitted)
Debt securities:
Municipal		139		9,065		—		—		139		9,065
Corporate and utilities		2,257		100,513		—		—		2,257		100,513
Foreign		86		53,786		—		—		86		53,786
U.S. Government		—		—		—		—		—		—
Equity securities		163		4,842		—		—		163		4,842
		2,645		168,206		—		—		2,645		168,206

The unrealized loss positions were primarily caused by interest rate fluctuations. The number of investments in an unrealized loss position as of June 30, 2011 was 54. Since the Company does not intend to sell and will more-likely-than-not maintain each debt security until its anticipated recovery, and no significant credit risk is deemed to exist, these investments are not considered other-than-temporarily impaired.

As of December 31, 2010, gross unrealized losses on investments and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:

	Less than 12 months				More than 12 months				Total
	Losses		Fair values		Losses		Fair values		Losses		Fair values
					($000 omitted)
Debt securities:
Municipal		638		14,391		1		25		639		14,416
Corporate and utilities		2,868		95,354		4		235		2,872		95,589
Foreign		93		55,773		—		—		93		55,773
U.S. Government		4		3,711		—		—		4		3,711
		3,603		169,229		5		260		3,608		169,489

The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized. Foreign debt securities primarily include Canadian government bonds and United Kingdom treasury bonds.